Wednesday, August 20, 2008

Disability insurance in Canada

Everyone can become disabled. Just one moment of inattention on the road (and it doesn't have to be you, who will make a mistake!) and your professional career is ruined. Of course, in modern world of insurance, there are ways how to be protected. Generally, there are 3 possible solutions (which may be combined).

1. Employer-paid disability insurance
Most of the emplyers have some group policy. Anyway, you should check it properly - it doesn't have to cover everything.

2. The Canada Pension Plan (CPP) disability benefit
This is the basic protection, provided by the government. It can save you from the worst, however, don't expect you will be able to handle the same living standard, not to say about new needs, emerging from your disability!

3. Private disability insurance
Disability insurance Canada policies, provided by private insurance sector.  You can buy a policy, which will be paying you regular monthly payments for certain period. All conditions are negotiable - bonus period (for how long you will be getting the money), elimination period (when will you get your first payment), sum of the payment, type of the policy (cancelable/ non-cancelable). You can apply also for discounts, eligible to some occupations. 
So remember, disability insurance in Canada can do a lot for you!